CoxHealth posted operating income of $38.6 million in the quarter ended Sept. 30, up 2.4 percent from $37.7 million in the same period a year prior, according to financial documents.
The six-hospital nonprofit system saw operating revenue climb 4.3 percent year over year, from $1.3 billion to $1.4 billion. The growth is partially attributed to net patient service revenue, which increased 4 percent to $1.3 billion in the fourth quarter of 2018, compared to the same period a year prior.
At the same time, CoxHealth saw operating expenses climb 4.3 percent year over year to $1.3 billion. Increases in salaries and wages, supplies and interest expense contributed to the growth.
After factoring in nonoperating income and expenses, including a defined benefit pension plan settlement charge, the system ended the fourth quarter of 2018 with net income of $36.9 million, down 51 percent from net income of $75.3 million in the same period a year prior. CoxHealth said net income dipped due to lower investment earnings and the noncash pension settlement charge.
More articles on healthcare finance:
Pennsylvania medical center will be profitable in November, Americore Health CEO says
Many healthcare CIOs not confident about their financial data, survey finds
California voters back $1.5B bond initiative to upgrade children’s hospitals
